1. Introduction to Business & Marketing
Economics: Day 1
Introduction to Business & Marketing

2. Need v. Want

3. Needs NEEDS- something that is essential; that you must have
Example: Water
List some needs

4. Wants
WANTS- something that you desire
Example: Soda
List some wants

5. Economy
Economy: “the organized way a nation provides for the needs and wants of its people”
Determines what each country will manufacture, buy, sell, invest, and transport.

6. Resources
Resources: “all of the things used in producing goods & services”

7. Factors of Production
Factors of Production: “technical term economists use for resources”
Land
Labor
Capital
Entrepreneurship

8. Land
Land: “everything on the Earth that is in its natural state”

9. Examples: coal, crude oil, water, air, soil
Land
Land: “everything on the Earth that is in its natural state”
Examples: coal, crude oil, water, air, soil

10. Land Land: natural resources of various countries:
USA: coal, forest, copper, gold, natural gas
Russia: timber, gas, coal, gold
Saudi Arabia: oil
Canada: oil, uranium, timber

11. Labor Labor: “all the people who work in the economy”
Example: sales associates at Old Navy, teachers, bank managers, coal miners, farm workers, cashier, news anchor

12. Capital
Capital: “money needed to start and operate a business as well as buildings, materials, equipment, etc.”
Examples: money, factories, buildings, machinery, equipment

13. Entrepreneurship
Entrepreneurship: “ability to start and/or own your own business”
Examples:
Mary Kay Ash - Mary Kay Cosmetics
Henry Ford - Ford Motor Company
Steve Jobs – Apple
Bill Gates - Microsoft

14. Activity Students will work individually.
Students will select 2 companies to research on the Internet.
Each student will be responsible for identifying (using chart form) the land, labor, capital, and entrepreneurs involved in their company (perhaps after picking a specific good or service).
Land
Labor
Capital
Entrepreneurship